1000 Mobile Money transactions take place every second in Ghana – Finance Ministry

In an interview on Thursday 20th January on the Good Evening Ghana show, The Minister of State for Finance, Honourable Charles Adu Boahen, admitted that for every second of the day, one thousand mobile money transactions are made in Ghana.

He was questioned on the E-levy bill and answered that the value of mobile money transactions has increased in recent times hence the decision of the government to impose a little tax.

“So Mobile Money in 2016, the total value of the transaction is about 20billion dollars which was about 79 billion cedis. In 2020, when we have the latest data it had skyrocketed to 99bn dollars.”

“In 2017, it went to 35bn dollars about 156bn cedis, then it went to 48bn dollars in 2018 of about 223bn cedis.

“In fact, in 2020 the number was 99bn dollars. A thousand transactions per second. All government is asking for is a small share,” Adu Boahen said.

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The Ministry of Finance on the other hand has preparations underway to relay the E-levy bill in parliament when the house resumes sitting on January 25 for possible passage.

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In a statement, the ministry said: “It is most unfortunate to note that foreign investors and market participants are on edge following the impasse in Parliament, in relation to the passage of the E-levy Bill. The market seems to now be pricing into our bonds the perceived risks of having a slim majority in Parliament and the consequences thereof.”

“The markets also seem to be concerned that this might impact the Government’s ability to successfully pass and implement some of its major revenue policy measures as presented in the 2022 Budget.”

“The Ministry would like to state that a healthy debate in a vibrant Parliament is a critical part of Ghana’s growing democratic credentials and by no means should it be deemed to be a fiscal risk. Government is confident that when Parliament resumes sitting this month, the E-Levy Bill, which has already been discussed and approved by the Finance Committee of Parliament, will be passed.”

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